The Bretton Woods system inaugurated an era of unprecedented growth of trade and incomes for the Western industrial nations and ____.

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Detailed Solution

For the Western industrial countries and Japan, the Bretton Woods system marked the beginning of an era of extraordinary development in commerce and income. Between 1950 and 1970, yearly growth in world trade was over 8%, and annual growth in income was close to 5%. Additionally, the increase was largely consistent and lacked significant fluctuations. In most industrialised nations during much of this time, the unemployment rate, for instance, averaged less than 5%. Additionally, during these decades, business and technology spread globally.

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